Goldman Sachs Forecasts Unemployment To Peak At 25%, Remain High For Next Two Years

Widespread unemployment could linger longer than expected and slow an economic recovery.

Goldman expects the U.S. unemployment rate to peak at 25% amid the coronavirus pandemic, according to a recent note from its chief economist Jan Hatzius.

High unemployment will linger because of policies that discourage workers from returning to their jobs, Goldman says: “Compared with a European-style system that is more focused on job preservation [via wage subsidies], many more will thus have to find truly new jobs.”

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